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lcrcp3 · 2023年09月27日

如题

NO.PZ2023032701000047

问题如下:

The management of Telluride, an international diversified conglomerate based in the United States, believes that the recent strong performance of its wholly owned medical supply subsidiary, Sundanci, has gone unnoticed. To realize Sundanci’s full value, Telluride has announced that it will divest Sundanci in a tax-free spin-off.

Sue Carroll, CFA, is director of research at Kesson and Associates. In developing an investment recommendation for Sundanci, Carroll has gathered the information shown in Exhibits 1 and 2.

Exhibit 1.Sundanci Actual 2007 and 2008 Financial Statements for Fiscal Years Ending 31 May (Dollars in Millions except Per-Share Data)

Exhibit 2.Selected Financial Information

Abbey Naylor, CFA, has been directed by Carroll to determine the value of Sundanci’s stock by using the FCFE model. Naylor believes that Sundanci’s FCFE will grow at 27 percent for two years and at 13 percent thereafter. Capital expenditures, depreciation, and working capital are all expected to increase proportionately with FCFE.

The current value of a share of Sundanci stock based on the two-stage FCFE model is:

选项:

A.

$40.7859

B.

$41.7859

C.

$40.4673

解释:

Calculate the amount of FCFE per share for 2008 by using the data from Exhibit 1.

FCFE is defined as the cash flow remaining after the company meets all financial obligations, including debt payment, and covers all capital expenditure and working capital needs. Sundanci’s FCFE for the year 2008 is calculated as follows:

Thus, FCFE per share equals ($24 million)/(84 million shares) = $0.286.

The FCFE model requires forecasts of FCFE for the high-growth years (2009 and 2010) plus a forecast for the first year of stable growth (2011) to allow for an estimate of the terminal value in 2010 based on constant perpetual growth. Because all of the components of FCFE are expected to grow at the same rate, the values can be obtained by projecting the FCFE at the common rate. (Alternatively, the components of FCFE can be projected and aggregated for each year.)

The following table provides the process for estimating Sundanci’s current value on a per-share basis.

问题又来了,WC用的delta我能接受,怎么dep和FC又用上时点值了????去年折旧20,今年折旧23,那不说明今年折旧增加了3吗,算现金流把已经扣除的折旧加回去不也是加回去今年新增的吗?

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王园圆_品职助教 · 2023年09月27日

同学你好,纠正一下,折旧是I/S表的期间值,而不是时点值

WCInv可以用B/S表中的CA和CL的期初期末时点值计算,也可以用现金流量表中的CFO下面相关信息计算,具体要看题目给的信息是什么才能判断

同样,FCInv一般来说题目都直接给出,或者会给现金流量表的相关科目让同学计算,但是也不能排除有时候题目会给B/S表固定资产的期初期末值,结合I/S表gian/loss 的相关信息来让同学通过更复杂的计算过程来计算capital expenditure和proceeds received from sale of long-term asset 的值(不过迄今为止的题库中没有出现这样的复杂计算),所以同学对FCInv的计算比较担心的话,也可以复习一下老师上课讲的几种比较复杂的计算CAPEX的方法,就是下面这页讲义的内容

王园圆_品职助教 · 2023年09月27日

同学你好,你先稳定一下,把基础概念理清楚再做题

折旧是I/S表科目,是期间发生值而不是时点值

因此,要计算2008年的FCFE,就只需要加回2008年发生的折旧23即可,和2007年全年发生的20的折旧没有任何关系


Capital expenditure是现金流量表科目,同样也是全年发生额而非时点值,而且题目除了提供该信息,没有提及任何proceeds received from sale of long-term assets的概念,所以直接把Capital expenditure作为当年的FCInv的值即可了

lcrcp3 · 2023年09月27日

我重新总结一下,WC是资产负债表,WCinv和FCinv是现金流量表,dep是利润表,算WCinv的时候要用到WC(资产负债表数据)所以要算delta的,算FCinv用不到资产负债表数据所以都用时点值,dep不用算题里直接给用时点值。对吗?

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NO.PZ2023032701000047问题如下 The management of Telluri, internationversifieconglomerate basein the UniteStates, believes ththe recent strong performanof its wholly ownemecsupply subsiary, Sunnci, hgone unnotice To realize Sunnci’s full value, Telluri hannouncethit will vest Sunnin a tax-free spin-off.Sue Carroll, CFis rector of researKesson anAssociates. In veloping investment recommention for Sunnci, Carroll hgatherethe information shown in Exhibits 1 an2.Exhibit 1.SunnActu2007 an2008 FinanciStatements for FiscYears Enng 31 M(llars in Millions except Per-Share tExhibit 2.SelecteFinanciInformationAbbey Naylor, CFhbeen recteCarroll to termine the value of Sunnci’s stousing the FCFE mol. Naylor believes thSunnci’s FCFE will grow 27 percent for two years an13 percent thereafter. Capitexpentures, preciation, anworking capitare all expecteto increase proportionately with FCFE.The current value of a share of Sunnstobaseon the two-stage FCFE mol is: A.$40.7859B.$41.7859C.$40.4673 Calculate the amount of FCFE per share for 2008 using the ta from Exhibit 1.FCFE is finethe cash flow remaining after the company meets all financiobligations, inclung payment, ancovers all capitexpenture anworking capitnee. Sunnci’s FCFE for the ye2008 is calculatefollows:Thus, FCFE per share equals ($24 million)/(84 million shares) = $0.286.The FCFE mol requires forecasts of FCFE for the high-growth years (2009 an2010) plus a forecast for the first yeof stable growth (2011) to allow for estimate of the terminvalue in 2010 baseon constant perpetugrowth. Because all of the components of FCFE are expecteto grow the same rate, the values cobtaineprojecting the FCFE the common rate. (Alternatively, the components of FCFE cprojecteanaggregatefor eayear.)The following table provis the process for estimating Sunnci’s current value on a per-share basis. 计算出PP E的变化量和Capex的数不一样,能不能麻烦老师总结一下,在算FCinv的时候,这两个指标什么用哪个呢?以及在这道题里面,这俩数不一样的原因是什么,差在了哪里,谢谢!

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